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Round Lake Park: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Round Lake Park, located in Illinois, is a small suburban community encompassing 2.06 square miles. The city has experienced fluctuating population and housing trends over the past decade, with notable shifts in homeownership rates and property values.
Homeownership in Round Lake Park has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 83%, but by 2022, it had decreased to 77%. This downward trend coincides with a significant increase in average home prices. In 2013, the average home price was $73,002, which steadily rose to $181,288 by 2022, representing a substantial 148% increase over this period.
The relationship between federal interest rates and homeownership rates in Round Lake Park follows a generally inverse pattern. As interest rates remained low from 2013 to 2020 (ranging from 0.08% to 0.4%), homeownership rates stayed relatively stable, hovering around 82%. However, as interest rates began to rise more sharply in 2022 (1.68%), the homeownership rate dropped to 77%, suggesting that higher borrowing costs may have impacted some residents' ability to purchase homes.
Conversely, the percentage of renters in Round Lake Park has increased from 16% in 2013 to 23% in 2022. This rise in renters coincides with fluctuations in average rent prices. The average rent peaked at $1,423 in 2017 before declining to $1,132 in 2022, representing a 20% decrease over five years. This drop in average rent prices, coupled with rising home prices, may have contributed to the shift towards renting for some residents.
Looking at the most recent data, average home prices in Round Lake Park continued to rise, reaching $194,984 in 2023 and $199,159 in 2024. This represents a 7.5% increase from 2022 to 2023 and a further 2.1% increase from 2023 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially affecting homebuying decisions in the community.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Round Lake Park will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $230,000 to $250,000, assuming current economic conditions persist. Average rent prices are expected to stabilize and potentially increase slightly, reaching around $1,200 to $1,300 per month by 2029.
In summary, Round Lake Park has experienced a shift towards renting, with homeownership rates declining as average home prices have significantly increased. The inverse relationship between federal interest rates and homeownership rates is evident, particularly in recent years. Despite fluctuations in average rent prices, the renting population has grown. The community is likely to see continued, though more moderate, growth in home values and a potential stabilization of rent prices in the coming years.
